A black credit card is a financial product extending a line of credit to wealthy, high-spending consumers. Colloquial references to a black credit card typically refer to the American Express Centurion Card that launched in 1999. It quickly developed a reputation for being more than a credit card — rather, it became a status symbol of ultra wealth and almost limitless spending power.
Here’s a look at what a black credit card is in detail, how to get one, and the card’s benefits and drawbacks.
Key Points
• Black credit cards are designed for wealthy, high-spending individuals and are typically invitation-only.
• These cards have high fees, such as a $10,000 initiation and $5,000 annual fee.
• Benefits include no credit limit, VIP lounge access, travel perks, and personalized services.
• Qualification requires high income, net worth, and significant spending activity.
• These cards can serve as status symbols but come with high costs and stringent spending requirements.
What Is a Black Credit Card?
A black credit card is an ultra-luxury private banking credit card product that’s designed to support the credit needs of the world’s wealthiest individuals, which can include A-list celebrities, professional athletes, and multi-millionaires. These are individuals who likely spend six figures a year using their credit card.
Although the black credit card meaning was originally derived from the AmEx Centurion Card, it now includes other luxury cards that have since come to the market. The list of exclusive card products include the Dubai First Royale Mastercard and the J.P. Mortgage Reserve Card.
Although the Mastercard Black Card might have the phrase “black card” in its name, it’s more accessible and arguably not in the same caliber as the aforementioned cards. That’s because consumers can submit an application online for this card without first being invited, which is more in line with typical credit card rules.
How Black Credit Cards Work
Unlike other consumer credit cards, the most exclusive black credit cards aren’t available for online applications. Card issuers publish very limited details — if any at all — about how to apply for the card or what it takes to receive an invitation. All of the elusiveness can enhance the allure of black cards.
Aside from their exclusiveness, black cards are generally known for having no credit limit, allowing members to spend freely. However, credit card issuers have already determined who they feel is financially capable of wielding the black card’s limitless buying power.
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Requirements for Getting a Black Credit Card
Specific black credit card requirements and thresholds vary between black card products. However, they generally include the following factors:
• Minimum annual spending
• Income and/or net worth
• Creditworthiness
If you believe that you meet the criteria for a black credit card, you can reach out to the card issuer directly to see if you’re eligible. American Express, for instance, may offer existing members an online form for its Centurion Card for those who want to request consideration.
Worth noting: The Centurion Card is currently said to have a one-time $10,000 initiation fee and an annual fee of $5,000 thereafter.
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What Kinds of Perks Do Black Credit Cards Offer?
Whether you’re still learning how credit cards work or are experienced with credit, you likely know that different cards offer varying benefits, including rewards, travel and shopping credits, and more. The perks of a black credit card also differ depending on the type of black card.
For example, the AmEx Centurion Card, offers the following black card benefits:
• VIP airport lounges. Access to AmEx’s Global Lounge Collection, including the coveted The Centurion Lounge.
• Travel accommodation enhancements. Upgraded bookings and credits through AmEx’s Fine Hotels and Resorts program, with 900 hand-selected, iconic properties, and elite status with additional hotel programs.
• Airline loyalty status. Complimentary top-tier status through airline partner loyalty programs.
• Unique experiences. Access to one-of-a-kind travel experiences around the world.
• Travel inconvenience credit. Up to a $2,000 credit per traveler for carrier-related inconveniences, like delays, and up to $10,000 for canceled trips.
• Travel insurance. Up to $100,000 in travel medical assistance, and up to $1 million in travel accident insurance.
• Rental car insurance. Up to $75,000 in car rental loss and damage insurance.
• Saks Fifth Avenue credit. Quarterly $250 shopping credit, up to $1,000 per year.
• Equinox fitness club membership. Access to clubs in multiple countries.
• Additional buying protection. Purchase protection, return protection, and extended warranty for goods purchased on the card.
• Personalized support. Access to personal shoppers and 24/7 personal concierge service.
As noted above, fees, benefits, fees, and spending requirements will vary among different types of credit cards, including those that fall into the ultra-luxury category.
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Pros and Cons of Using a Black Card
As a card that’s not intended for the masses, the card’s pros and cons highly depend on which side of the eligibility spectrum you fall under. Here’s a closer look at black credit card benefits and drawbacks:
| Pros of Using a Black Card | Cons of Using a Black Card |
|---|---|
| No credit limit | Accessible by invitation only |
| Status symbol | High initiation and annual fees |
| Luxury perks | High spending requirement |
| Tailored service experience | High income requirement |
Is a Black Credit Card Worth It?
With a reputation of having excessively high annual fees and high minimum spending criteria, a black card can carry a high price tag. It’s important to consider that you can afford this kind of credit card — that is, assuming you’ve received an invitation in the first place.
Weigh the black card benefits, and consider if you’d actually be using a credit cardin such a way that it would be worth it for your needs.
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The Takeaway
Black cards are typically reserved for wealthy customers who have demonstrated the ability to spend hundreds of thousands on a credit card and repay that amount with ease. If you’re an everyday consumer or it’s your first time getting a credit card, a pricey black card probably isn’t a practical credit card solution.
Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.
FAQ
What does it mean to have a black credit card?
Being invited as a black card member means that you’ve met the card issuer’s underwriting criteria in terms of having a high income, high net worth, high spending activity, and more. It’s perceived as being a card that’s only accessible to ultra-wealthy individuals.
How much does a black credit card cost?
Black credit card fees vary between card products but often cost hundreds to thousands of dollars in annual fees each month. The AmEx Centurion Card, for example, has a $10,000 initiation fee and a $5,000 annual membership fee thereafter.
Are black credit cards actually black?
Generally, black credit cards are designed with a black color scheme. However, some of these cards that fall into the exclusive black card category aren’t black. For example, the J.P. Morgan Reserve card is made of brass and palladium and has a silver metal finish.
What is the difference between a black card and a platinum card?
The AmEx Platinum Card is more accessible to consumers than the AmEx Centurion Card, also dubbed the black credit card. Members who want to apply for a Platinum Card can do so on their own online, while the black card is offered by invitation only. The requirements and annual membership fees of both cards also vastly differ, with the black category charging higher fees and having higher spending requirements as well as more robust perks.
Photo credit: iStock/Lemon_tm
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